Three crucial parts of capitalism:
a) Profit-oriented : In a capitalistic society companies exist to earn profits. The main motive behind the existence of companies is to produce and sell goods and services to earn profits. In a capitalistic economic system, companies do not focus on satisfying consumer's needs rather they get involved in satisfying their desire to earn profits.
b) Government Intervention: According to capitalistic society there
should be less government intervention in markets. But a completely
government-free capitalist society is not possible. There are some
industries which are controlled by government, so no private
companies can exercise their own control to earn maximum profits.
In contrary to this, capitalism needs a free market where there is
no government intervention. It sets the price according to the laws
of demand and supply.
c) Ready to become adapted : The last feature of capitalism is the
capability to accept change. Adaption of new technology means
acceptance of change in the current system, which acts as a strong
booster to achieve economic efficiency and earning profits.
8) It is not possible to name and analyze capitalism in an unbiased
way, because capitalism is not just an economic system based on
private property, market competition and other financial
instruments, it is an economy controlled by the capitalists or run
in the interest of capitalists. It does not want the government
intervention in controlling market economy. In capitalistic
economy, market is controlled by the forces of demand and supply,
if there is high demand for a particular product then the companies
raise their product price to earn maximum profits, whereas if there
is less demand then companies reduce their price to a certain
extent so that they do not have to face a huge loss for their
products. The ultimate aim of capitalism is to earn profit not to
fulfill the needs of public.
7) What are the three crucial parts of capitalism? Put these into your own words! a)...
D Should economics be highly technical and accessible only to "experts?" 2) What are three examples of untnie ideas that "neoclassical economies" tries to prove? b) c) 3) Is economics a "neutral, technical diseipline" like, for example, math or chemistry? 4) What is the name of the particular economic system we live under? 5) What is one of the reasons that most U.S. economists defend capitalism as the best system? 6) Why should "ordinary people" learn more about e involved?...
• Briefly define, in your own words, the concepts of capitalism and socialism. Then list three pros and cons of each. The specific course learning outcomes associated with this assignment are: • Determine the considerations for and process of ethical business decision making to balance corporate and social responsibilities, and address moral, economic, and legal concerns. • Analyze selected business situations using the predominant ethical theories, such as utilitarian, Kantian, and virtue ethics to guide ethical business decision making. •...
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Can you please use your own words thank you List and describe (in your own words) three of the crucial keys to development of an effective ethics program
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